Boatbuilder Delivering 20 % CAGR, Yet Priced at Just 0.5 EV/EBITDA

Manufacturing Champion at 0.5× EV/EBITDA—Backed by €110 Million Net Cash

I recently covered the European yacht‑manufacturing space—an intriguing industry that has slowed after the post‑pandemic boom. Today I’m profiling a European yacht builder trading at < 1× EV/EBITDA and just 4× earnings. Unsurprisingly, the company sits on a sizable cash pile.

Before you worry that it’s a “value trap,” note that revenue has grown 6‑fold and net income 8‑fold over the past decade, while ROIC has consistently topped 30 %. Admittedly, 2025 looks challenging for the whole sector, but even with near‑term headwinds, the company is well placed to keep expanding in a growing market thanks to its strong brand and market presence.

Index:

1. Introduction

2. Sector growth and cyclicality

3. Brands

4. Business model

5. Financial metrics

6. Growth strategy

7. Capital allocation:

8. Management:

9. Risks

10. Thesis

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1. Introduction: